Now, one bullish Wall Street researcher and advisor is predicting the recent bitcoin price rally is just the beginning, forecasting bitcoin could be about to hit a near 200% surge—making each bitcoin worth a staggering $13,500.

The New York-based Fundstrat Global Advisors found that bitcoin closed above its 200-day moving average for the first time in more than a year on Tuesday, thanks to its huge price rally.

“Based on bitcoin’s trading history, a move above the 200-day moving average for bitcoin is meaningful statistically,” Fundstrat Global Advisors researchers wrote in a note to clients. “When bitcoin is above its 200-day moving average its win-ratio is 80% compared to a mere 36% when it is below its 200-day.”

The bitcoin price has been on a downward trend since it peaked in late 2017, dragging the wider cryptocurrency market with it and wiping billions from the value of major digital coins—some of which have lost nearly 100% of their value.

Since Fundstrat released its report, the bitcoin price has moved higher again, ticking up from $4,620 to around $5,000—signalling that rally to $13,500, a price not seen since January 2018 may have already begun.

“Six-month forward returns average 193% compared to a measly 10% when below its 200-day moving average—hence, being above the 200-day moving average is a big deal,” the analysts said.

About

The eCoin is a media that intended to deliver news and information related to the cryptocurrency and Bitcoin market.
#Cryptocurrencies #Bitcoin #Ethereum #Ripple #ICOs #Blackchain

Enter your email here to subscribe

Disclaimer

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.